Seattle Housing Market Watch 4/15/2025

Hey y’all. It’s Zach McDonald, your real estate agent with Real Property Associates, and this is my Seattle Housing Market Watch for 4 15, 20 25. Welcome back to the channel if you’re new. Thanks for joining us. If you’ve been following along for a while, thank you for your attention. I value it highly. And today we’re going to be looking at the weekly stats for King and Snohomish County specifically seeing what’s coming on the market, what’s coming off the market, and getting a little bit of an inside look at the pending stats, the sales that haven’t happened yet officially, but getting a little bit better pulse on what’s happening on a weekly basis versus the monthly market updates that I do as well. So if you want to check out the monthly market update, I published that last week and we looked back at the March stats from the MLS for Seattle Bellevue.

We also have a King County and a Snohomish County update. Those are all separate updates. In this video. We’re going to look at the stats from the previous week in King County and Snohomish County. So let’s start off by looking at the market watch, which is something that we’ve been doing over the past few years since the interest rates started climbing in 2022. That’s when I introduced these weekly videos and the new listing count has been trending up over the past couple months. We’ve been seeing more and more houses coming on the market, which is normal for the springtime here in King and Snohomish County. And I think seeing 7 81 here is a good number, right? We’re seeing that the amount of listings is keeping up with the buyers, has actually been exceeding the buyers here recently. And in my update last week, the monthly update, we were talking about how the inventory numbers are getting closer and closer to that two months of supply mark.

And that’s when you start to see the market balancing out a little bit in favor of buyers and sellers versus being more tipped towards the sellers, which we’ve seen so far this spring. And we’re seeing price reductions three 16 over the past week. Not every listing is selling with multiple offers, and I think that’s important because it feels like that to buyers sometimes that everything they’re looking at is selling quickly, selling with multiple offers, but that’s just a small percentage of the houses, and we’ve been talking about that on the weekly basis. We’re also seeing that the pending listings this last week really have been keeping up with the new listing, 742 pending sales and the sold listings here, 4 77 would be from most likely sales that were pending last month. And I shared two in my updates last week that the amount of pending sales was way higher than the solds from the previous month.

So I’m expecting that April, we’re going to see a lot of closed sales as we go through the month, and I would hope that we’re going to continue to see more listings because that’s been our issue over the past few years. We haven’t had enough listings for all the buyers and the number of listings that we’ve had have been suppressed from what we would consider normal numbers. And I think we’re starting to trend up towards more normal numbers here this year. But still we are in this place where the market is relatively competitive this spring. I’ve shared that I think we’re going to see the market start to cool off a little earlier this year than we have in previous years. A lot to do with the amount of inventory per buyer versus anything else. And mortgage rates haven’t really changed much either here, 6.92% on mortgage news daily survey below 7%, but right around 7% really, we’ve been in this kind of seesaw between just below 7%, just above 7% most of the year.

And so interest rates haven’t changed the buyer excitement or enthusiasm or demand too much here in 2025, although we would expect if interest rates were to come down in a significant way, that there would be quite a bit more buyer activity, especially among those that are looking maybe to make a jump into something different. I would also think it would speed up listing activity because people would now have a motivation to make a move. Right now, people are still loving their low rates if they bought anytime before 2022, and there hasn’t been as much of the listing activity that we would’ve expected to see in a normal market. Now, what’s going to happen with interest rates? I think that we keep hearing news that we would like that to come down, but there’s also high inflation and the inflation is ultimately what they’re looking at for interest rates.

And the mortgage rates are closely tied to the inflationary data. And in this case, we’re not at a point where we’re going to start to see these rates coming down, I don’t think anytime soon. And so I would expect to continue to be in this environment with higher interest rates than we had a few years back. Not all time highs, but at least staying in this realm for now. I think the King County market as a whole has been remaining relatively steady this spring. And we’ll look at the King County stats now too, and just focus in specifically on King County. Looking at the stats for the week, 9 33, 500 was the median sales price in King County over the last week for residential sales, 9 67, 500 last week. Reminder, each month we’re looking at all the sales together, and every single week there’s going to be higher price listings, lower price listings selling.

So not necessarily an indication of values dropping, but the numbers that we have, if we look at the percentage of asking price, I think this is important. This is where we start to see, okay, what’s the competition looking like in King County? 1% over asking price on average. And last week we were 3% over listing price on average. So we’re seeing a little bit of a dip there in the amount over asking price, and I’m seeing this reflected in all the other metrics that we have available to track some of these pending sales stats. One being the multiple offer numbers. So a couple weeks ago we were seeing 42% of sales that went pending having multiple offers, 34% last week. So things have been slowing down just a little bit pendings with an escalation addendum, 14% this week, 21% last week, pendings with a financing addendum, 62% this past week, 60% last week.

So we’re seeing more contingencies, right? And then pendings with an inspection addendum, 35% this week versus 29% last week. So all indications here are that there is less competition on a given listing, and we’re seeing more contingencies being added into and less upward pressure on prices in King County as a whole. Now, again, this is general for all of King County. It’s not specific to any particular area, but interesting to start to see. We’ll see if this trend continues, but interesting to see that the competition has been cooling off a little bit, at least last week. It was a little bit slower. Maybe it had to do with some of the stock market frenzy and turmoil. It didn’t seem to affect things the previous week. So I don’t want to say that’s the reason, but we’ll see how the next few weeks unfold. I think the biggest thing is the amount of inventory or options for buyers.

It’s going to reduce the pressure on each house and spread out the love on other houses. I’ve seen a lot more listings it seems like coming on the market. And I think that that’s a big piece of why things might be starting to just taper a little bit in King County. And let’s look at Snohomish County. Now. I think Snohomish County was very similar as I was looking at some of the data price, median sales price about the same seven 90 last week, 7 88, 300 this week. So about the same average percentage of list price, a hundred percent, a hundred percent last week. So again, staying about the same competition in Snohomish County was already starting to dwindle a tiny bit last week. We’re seeing that continuing. So pendings with multiple offers, 25% this week versus 33% last week. So we saw a nice drop off there, 8% pendings with an escalation addendum, 15% in Snohomish County this week, 12% last week.

So interestingly, there were more escalation addendums, but less multiple offer scenarios kind of. So whatever houses people were going for, to me, this would mean there were certain houses that attracted more attention and those were more competitive. The rest of them overall were less competitive than previous weeks Pendings with financing addendums, 68% this week, 72% last week. So actually a little fewer on the financing addendum side, not sure what to make of that. Let’s just say it’s similar enough. The inspection addendums 33% versus 33% the week before. I think it would be safe to say overall that the offer strategy was fairly similar for buyers last week in Snohomish County as it was the week before. The biggest thing I’m noticing is just there were fewer multiple offer scenarios, 25% versus 33% in Snohomish County. So that would say, Hey, there were 8% of those houses that did not get multiple offers.

It was maybe a little less competitive, but overall, people were still, even if it wasn’t competitive, maybe accustomed to, Hey, let’s make a strong offer, fewer contingencies. Maybe we take that financing addendum and we remove it, or maybe we go ahead and do a pre-inspection or rely on the pre-inspection. But it seems like maybe some of those buyers would’ve fallen into that category where even though it wasn’t as competitive, they weren’t sure and they wanted to make sure they put their best foot forward. So overall, what I’m seeing for King, an Snohomish County is that things have slowed a tiny bit, nothing significant yet, but if this trend continues, we’re going to start to see a lot more asking price sales. We’re going to see a lot less contingencies removed. We’re going to see fewer multiple offer scenarios. And I think for buyers, that’s a much better scenario than the, oh my gosh, I don’t know.

I really like this house. And you fall in love with multiple houses and have to fall in love multiple times. I think for buyers, it’s much nicer to go ahead and, Hey, I like this house. Let’s make an offer. Let’s get it. Let’s negotiate with the seller. Even if it is just paying, asking price, that feels a lot better than, whoa, I don’t know what I’m doing. Silent bid. It feels like an auction. I think sellers would prefer that. An auction like Frenzy, I think that’s going to die out though here in the coming weeks. So some thoughts as we wrap everything up. If you’re a buyer, you’re just kind of entering into that window where there’s a lot more opportunity and hopefully less competition for sellers. I think we’re in that ending period of maybe where this year is going to be more competitive and you’re going to start to see a little bit longer time on the market. Maybe have to talk about dropping the price. It’s just not going to be as competitive here late spring and summer as it has been in other years. If you have questions about your situation buying, selling in Snohomish County or King County, I’d love to be a resource for you. And if you’re new to the channel and want to follow along, please consider subscribing. I.